Tote Board: $4.4b surpluses – help the poor?

November 24, 2017

Why isn’t the Tote Board giving more help to the poor?

I refer to the article “Tote Board gave $418m to a variety of causes” (Straits Times, Nov 24).

It states that “Since the Tote Board was set up as a statutory board in 1988, it has given out more than $8 billion.

The money, from lotteries, horse races and other games, is given to causes ranging from the arts to education, and social services to sports.

According to the financial statements of the Totalisator Board’s annual report 2016/17 – it had accumulated surpluses of $4.4 billion – an increase of 8.7 per cent from the previous year.

So, does it mean that it only gave out about 65 per cent ($8 divided by $8 + $4.4 billion) and kept about 35 per cent in accumulated surpluses?

Why does it need to keep so much surpluses?

Why doesn’t it give more to help the poor in Singapore?

For example, its surplus for the year was a whopping $351 million.

Leong Sze Hian

About the Author

Leong

Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional qualifications.